Singapore-based crypto payment platform Dtcpay has announced that from January 2025 it will stop accepting Bitcoin and Ether for payments and will only support stablecoins.
Dtcpay management clarified that the platform will only support certain stablecoins: USDT, USDC, First Digital USD (FDUSD) and Worldwide USD (WUSD). These tokens are backed by US dollars in a 1:1 ratio.
Dtcpay noted that stablecoins pegged to government currencies could provide a more predictable, secure and stable alternative for digital payments. While BTC, ETH and other cryptocurrencies create financial risks for businesses and individual users due to strong volatility.
Dtcpay was founded in 2019 and has become one of the key players in the fintech industry. Dtcpay received funding from developer Pontiac Land in Singapore and in 2022 secured a payments license from the Central Bank of Singapore.
By data According to Chainalysis analysts, Singapore has become one of the leaders in accepting cryptocurrency payments. In the second quarter of 2024, the total value of crypto transactions conducted through merchant services in Singapore reached $1 billion.
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Source: Cryptocurrency
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